UK households warned to avoid four Christmas spending traps costing you £955

UK households have been warned to avoid £955 worth of spending traps between now and Christmas. As we approach the one-month countdown for December 25, households are being urged to get their finances in working order.

Sarah Coles, senior personal finance analyst at investment platform Hargreaves Lansdown, says: “You’ll be bombarded with things that people want you to buy, but no one can do everything, so think what’s important to you, set a budget and stick to it.”

Instead, UK households are urged to dissect deals - because the average shopper will spend an eye-watering £400 over Black Friday. Consumer body Which? reported that 98 per cent of products on sale on Black Friday 2021 were actually cheaper or the same price at other times in the year.

READ MORE Santander paying out 12 payments worth up to £25,000 before Christmas

Other tips include skipping traditions, which could see you rack up the outgoings. Elf on the Shelf costs families £30, while matching pyjamas for families could cost DOUBLE this. Even pantomimes and theatre trips can be massively expensive.

Catherine Thomas-Humphreys, a financial coach, said: “Kids remember the time you had together, not the money you spent." Day trips are a big warning, too, with the average light show setting back families £50 - and panto costing £160.

Other tips include watching your food bills, because the typical household will bin £80 worth of grub after the festive rush and Christmas season. Instead, households are urged to shop sensibly - and prioritise what they actually need.

Catherine admits: “I’ve been guilty of doing a last-minute top-up shop to buy extras on Christmas Eve. There’s a feeling of ‘you can never have too much’. But you’ll save money and waste by being more realistic.” The warning is echoed by Martin Lewis, who found the average family will spend £900 to make ends meet for Christmas.